Iran ready to veto OPEC decisions harming its interests

21 Sep in 12:20

Iran will veto any OPEC decision that harms the Islamic Republic and warned that some oil producers are trying to create an alternative suppliers’ forum that supports U.S. policies hostile to Tehran, Iranian oil minister Bijan Zangeneh said.

"I will block any OPEC decision that poses the slightest threat to Iran," Zangeneh told Bloomberg.

According to the minister, any decision on a new production agreement by OPEC’s Joint Ministerial Monitoring Committee that meets on Sunday would be "void and invalid". "Decisions can only be made at OPEC meetings in the presence of all OPEC members and by consensus of members," he stressed.

"Any country that says it can make up for the shortfall in the market is siding with the US,” he said.

He said he has written letters to some OPEC and non-OPEC oil ministers expressing his concerns and has complained to the group’s secretary-general about “violations” to the original output-cuts agreement, though he wouldn’t elaborate.

"The agreement doesn’t really exist anymore. It’s finished. Russia initially cut 300,000 barrels a day of production but then added it all back. There’s no agreement left, really," he added.

Zangeneh noted that two OPEC members are seeking to damage the group and carry out “anti-Iranian policies” at the behest of the U.S.